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US markets green; PayPal tumbled 25% on Q4 results; Meta plunged 23% on Q4 results

  • The Nasdaq rose 0.5% to close Wednesday?s session at 14,418 points.
  • PayPal tumbled almost 25% on Q4 results & scrapping growth strategy.
  • Meta shares plunged 23% in after-hours trade on slowed growth in Q4.

The US markets rallied across the key indices on Wednesday as investors weighed strong corporate quarterly earnings results especially from technology companies, against weak economic data. Google parent Alphabet jumped 7.4% and chipmaker Advanced Micro Devices gained 5.1%.

The Dow Jones rose 0.6% to finish the trading day up 224 points to close at 35,629 points.

The tech heavy NASDAQ rose 0.5% to finish the trading day up 72 points to close at 14,418 points with Google and Apple gaining 7.37% and 0.7% respectively.

One bitcoin is worth US$37,024 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 71.34 US cents.

PayPal nosedived nearly 25% in its worst daily performance on record after the company released fourth quarter earnings results. For the period, PayPal reported lower earnings than expected, revenue of US$6.9bn, GAAP EPS down 49% to US$0.68/share, a 39% decline in net new active accounts YoY and the company scrapped its ambitious growth strategy.

Shares in Facebook parent company Meta plunged 23% in after-hours trade following the release of the company?s fourth quarter earnings results. For the period, Meta reported weaker than expected ESP of US$3.67/share on revenue of US$33.67bn, daily active users also fell short of expectations at 1.93bn and the company said an increasing amount of its younger demographic are shutting down their profiles and going elsewhere to platforms like TikTok.

And the FBI has urged Olympic athletes to use temporary burner phones during their time at the Beijing Winter Olympics to avoid data theft, malware and the potential for tracking tools to be installed on their personal devices.